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Lefroy Exploration Limited (ASX: LEX) (“Lefroy” or “the Company”) is pleased to advise that independent global consultancy, CSA Global, have completed a review of the Mineral Resource estimate (MRE) in accordance with the JORC Code (2012) for its Goodyear Nickel Deposit (Goodyear) in Western Australia.
HIGHLIGHTS
- Total Inferred Mineral Resource at the Goodyear Nickel Deposit confirmed at 392,000 t @ 3.78% Ni, reported and classified in accordance with JORC Code 2012
- Mineral Resource remains open down plunge with drilling planned to infill and extend the current limits of mineralisation
- Lefroy controls 30km of ultramafic basal contact within the Carnilya dome which is lightly explored and considered highly prospective for additional Ni sulphide discoveries
Goodyear now reports as 392,000 tonnes @ 3.78% Ni for 14,780t of contained nickel sulphide at a 1% nickel cut- off grade (Table 1). The review confirms the original Mineral Resource, reported in 2008 by Australian Mines Limited, in accordance with the JORC Code 2004 Edition.
LEFROY MANAGING DIRECTOR WADE JOHNSON COMMENTED:
“The seamless conversion of the Goodyear Nickel Deposit to JORC Code 2012 standards is an exciting development for Lefroy and our nickel-focused subsidiary, Hampton Metals Ltd.
The Goodyear Mineral Resource presents a unique opportunity, being on freehold title with a 15-year ownership history of gold majors and adjoining our commanding Lefroy Gold Project.
We now hold 30km of strike length of a key ultramafic unit, considered to be one of the most prospective geological settings for nickel sulphide discoveries, within what is one of the few unexplored parcels of land remaining in the Kalgoorlie-Kambalda region.
“With Hampton’s aim to be a key player in what is shaping up to be a new era of nickel exploration and production in the Kambalda district, we couldn’t be off to a better start.”
Figure 1 Overview of the commanding Lefroy Gold Project showing its proximity to Kalgoorlie and Kambalda and the region’s gold and nickel occurrences against a backdrop of the regional geology
Goodyear lies the western boundary of Location 45 (Figure 1) which is a mineral freehold title situated within LEX’s 635km2 greater Lefroy Gold Project (LGP). The LGP is strategically positioned in the well-endowed Kalgoorlie Terrane, surrounded by the infrastructure of multiple other operating gold and nickel mines within the prolific Kalgoorlie-Kambalda mining district (Figure 1).
Goodyear is held by the Company’s wholly owned nickel focused subsidiary Hampton Metals Ltd (Hampton or HMT), led by Managing Director Graeme Gribbin. Graeme is a highly credentialed geologist with over 25 years’ experience in the resources sector with global expertise in nickel and base metals, including 8 years’ as General Exploration at Western Areas Limited (recently acquired by IGO Limited) and 6 years’ base metals experience at Vale as Exploration Manager. Graeme is supported by a proficient team of geologists and field staff with a proven track record for exploration success, including recently appointed, Jon Mcloughlin as Exploration Manager.
The Company acquired Goodyear in May 2023 through a Mineral Rights Agreement for Location 45 between title holder Franco Nevada Pty Ltd (Franco) and Lefroy’s wholly owned subsidiaries (refer to ASX release 23 May 2023). In this agreement HMT acquired all nickel, REE and lithium rights (including Goodyear) from Franco for an initial 21- year term in exchange for a minimum annual exploration expenditure of $100,000 and 4% royalty upon production.
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Stage Two Gold Proceeds Exceed $18 Million. Highest Price Achieved is $3,727 per Ounce.
HIGHLIGHTS
- Gold sales for 2024 exceed $18.23 Million.
- Current campaign gold sales reach $13.77 Million.
- Highest gold price achieved is A$3,727 per ounce.
- 154,000 tonnes delivered to the Mill, haulage continuing.
- Current campaign to conclude on 4 September 2024.
- First cash of $3.0 Million to be received by Auric shortly.
Managing Director, Mark English, said: “Gold has sold at up to $3,727 per ounce during August with more to come.
“BML have delivered in excess of 154,000 tonnes to the Coolgardie mill with haulage and milling continuing. Some of that ore will be processed in another campaign later in the year. The current campaign is continuing to produce thousands of ounces of gold.
“Already we have passed $13.77 Million in gold sales for this current campaign of the year and total gold sales for 2024 passing $18.23 Million. We are in the middle of a highly successful time for the Company.
“By the middle of September, Jeffreys Find Gold Mine is expected to generate in excess of $25 Million in gross gold sales for 2024. This current campaign is due to finish in early September. Unforeseen power outages and some inclement weather have slowed the whole process down, but we are hopeful more than 130,000 tonnes of the 150,000 tonne allocation at the Mill will get utilised in this campaign.
“A further campaign is planned at the Greenfields Mill towards the end of this year.
“The mill contract is to process 300,000 tonnes in 2024 so everyone is focussed on making that happen,” said Mr English.
Photo: Jeffreys Find doré bars at Greenfields Mill.
The Greenfields Mill (Greenfields or Mill) is contracted to process up to 150,000 tonnes of ore for the current campaign through Auric’s Joint Venture partner, BML Ventures Pty Ltd of Kalgoorlie (BML). As of 25 August 2024, just over 110,000 tonnes have been processed by the Mill.
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Large Copper - Antimony System at Bulla Park
Highlights
- Previous diamond drilling shows broad intervals of disseminated copper - antimony mineralisation
- Previous intercepts have contained significant sulphidic copper and antimony mineralisation, such as:
- 89m at 0.30% Cu and 0.10% Sb, including 33m at 0.47% Cu and 0.15% Sb (19CA002, 176m to 265m)
- Copper grades up to 1.46% Cu (19CA002, 246m to 247m)*
- Antimony grades up to 0.5% Sb (19CA002, 246m to 247m)*
- Copper and antimony grades increase towards a broad zone of faulting targeted by recently drilled diamond hole BPD09 (assays awaited)
Mineralisation is dominantly tetrahedrite (copper - antimony sulphide) and minor chalcopyrite and stibnite (antimony sulphide). Antimony grades in previously assayed drill hole intercepts are approximately 30% to 35% of the copper grade, reflecting the theoretical composition of tetrahedrite (Cu12Sb4S13).
Recently drilled BPD09 (see ASX release of 13 August 2024) was designed to test an interpreted fault zone where higher copper – antimony grades were anticipated. The hole successfully intersected a broad zone from 120m to 338m (218m) of faulting, fracturing, disseminated copper- antimony sulphides, siderite alteration, veining and stockworks, and tectonic and hydrothermal breccias. The core samples from BPD09 are currently in a laboratory undergoing preparation. Assay results are expected to be received during September.
* See Appendix 1 for complete Cu and Sb assays for drill hole 19CA002
Antimony grades at Bulla Park follow the copper distribution. High grades of copper are found with better antimony grades. Apart from the dominant antimony mineral tetrahedrite, stibnite occurs as radiating needles in fractures and makes up about 10% of the antimony content.
Further drilling is planned to extend the major fault zone containing broad intervals of disseminated copper-antimony mineralisation.
Antimony
Antimony (Sb) is a designated critical mineral in many countries and is used in military applications, solar cells, fire retardants and as a strengthening agent in alloy production.
China supplies 56% of the global antimony production and has decided to restrict exports of antimony from 15 September 2024, claiming that its strategic reserves are too low to allow further exports. This has caused the price of antimony to increase significantly to approximately US$23,000/t as USA and European users seek to secure supply. (source: www.reuters.com)
Previous Results at Bulla Park
A characteristic of the Bulla Park deposit is consistency of copper and antimony grades over wide intervals (historical drilling intersected stratabound zones outside of the fault zone, where better grades are anticipated).
Table 1: Summary of historical assay results of copper-antimony mineralisationResults reported using 0.2%Cu cut-off
In previous drilling, both the copper and the antimony grades increase towards the newly intersected fault zone recently targeted by BPD09 (assays awaited). The nearest previously drilled historical hole to the fault zone is 19CA002, which includes 7m of 0.27%Sb and 0.71% Cu from 245m.*
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This article includes content from West Cobar Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.